PumaPay's open-source Pull Payment Protocol is a comprehensive blockchain solution which offers robust payment mechanisms far more credible, efficient, flexible, cost-effective, and scalable than current implementations (credit cards). Unlike today's payment methods, which include credit cards and virtual coins like Bitcoin, the Pull Payment Protocol was designed from the ground up specifically to overcome existing hurdles and offers a set of tools developed to facilitate onboarding processes for both businesses and individuals.
With PumaPay merchants can:
- Plug-in various billing solutions to enable acceptance of cryptocurrencies directly, replacing credit card companies and other billing processors
- Offer customers comprehensive and flexible billing solution, addressing all common billing practices, including recurring, pay-per-use, etc
- Eliminate risks of fraud and chargebacks and associated fines.
- Saves the exorbitant middlemen transaction fees ranging from ~3% to as high as ~15%
Our Mission
As high-volume transaction experts, we are well-aware of the fact that credit cards, the foundation of online billing and payments, were never fully adapted to the world of digital trade. We’ve experienced firsthand the issues merchants face daily thanks to an outdated system of transaction processing. It didn’t take much for us to see the potential of blockchain to solve these problems. Our mission is to modernize payment processing systems and lay the foundations for a thriving cryptocurrency economy built on the PumaPay Pull Payment Protocol. The Protocol is designed to:
Decentralize the billing layer and save substantial intermediary costs for merchants
Increase the use of cryptocurrency both online and offline and facilitate it as a standard means of payment
The PumaPay Pull Payment Protocol
PumaPay is a free, open-source, blockchain based payment protocol featuring the unique architecture of PullPayment: Smart contracts that invert the mechanics of common cryptocurrency operations. Cryptocurrencies were designed to allow only one type of transaction – sending money from side A to side B, also known as ‘push.’ Our PullPayment Protocol enables a ‘pull’ action on the blockchain, allowing side B to connect to side A’s address via a PullContract and ‘pull’ funds into side B account. This is, of course, subject to predefined terms and prior acceptance of the transaction by side A.
PumaPay’s Protocol was designed from the ground up to facilitate flexibility in transaction mechanics. The innovative architecture opens the door to a whole universe of payments mechanisms that are either impossible or unfeasible when relying only on a ‘push’ action: Subscription fees, direct debit, pay-per-use, and more. The protocol is highly flexible and adaptable, giving businesses the opportunity to apply their processing business logic on the blockchain.
- Comprehensive
A robust, credible and scalable protocol that enables a full spectrum of billing methods.
- Flexible
The Protocol allows merchants to apply their business logic and have the freedom to choose between an out-of-box solution or a custom-made implementation.
- Accessible
Enables frictionless access to the benefits of blockchain technology, with SDK and API for merchants and a wallet app for customers.
Pull Contracts Use Cases
The flexible nature of the protocol makes it capable of addressing a wide range of options that merchants will be able to implement via either ready-made or tailor-made solutions. The following is a partial list of use cases the Pull Payment Protocol will enable on the blockchain:
Fixed Amount Recurring Payments
The Pull Payment Protocol enables the creation of contracts that charge a fixed amount based on time- for example, monthly subscription fees.
Pay-Per-Use
Pull contracts can be used to charge clients on a pay-per-use basis, for example for expert counseling charging by the minute.
Fixed Time Recurring Payment
PumaPay’s Protocol can set up recurring payments based on time with a variable amount. For example, utility bills.
One Time/ Single
Pull contracts can be applied to a single payment both online and offline via wallet app.
Shared Payment
The flexible Pull Payment Protocol can also be used to divide payment between multiple parties. For example, to facilitate an affiliate program.
Restricted Payment
A pull contract can also be restricted according to the user’s preferences, for example ensuring a payment never goes above a certain amount or set up a parental block on child’s spending.
How can the blockchain technology revolutionize the payments system?
The company Decentralized vision is developing a blockchain based technology named PumaPay which aims to provide a flexible blockchain based billing solution for any type of business. What are the main features of PumaPay? Check out the points below.
- Open source
PumaPay is being developed as a free open source protocol which will help the businesses and third party providers to integrate their existing systems or develop new payment solutions based on the PumaPay protocol.
- Reduces risks
- Reduces transaction fees
PumaPay aims to provide P2P (Peer-to-Peer) transactions between the merchant and the buyer. So there will not be any middleman involved in the transaction which will reduce the high transaction fee associated with the credit card payments. Also, the transaction will be processed quickly so that the merchants will receive the funds within a day or two.
- Multiple payment options
A consumer will need to make payments for various purposes in a day and the frequency of payments will also vary. For example, you will be paying a fixed amount for your monthly subscription to Internet whereas your monthly energy bills will vary based on the usage. Sometimes you need to make payment for only once. So, PumaPay provides the various payment options which are given below:
- Fixed amount Recurring payments
- Fixed time Recurring payments
- Pay-Per-use
- Single/Onetime payment
- Money back guarantee
In addition to the ones listed above, it also offers two innovative payment options namely Restricted payment and Shared payment. Restricted payments will be beneficial for parents who would like to monitor and control their kid's spending habits by linking their wallets to them. They can set pre-defined criteria for a transaction and the payment will be processed only if the criteria are met. For example, if you don’t want your kid to spend money for buying chocolates, you can set that as a limiter. In shared payment, you can divide the money equally into two or more parts and send them to all at once in a single transaction.
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